Revolut Launches in New Zealand With Waitlist of 26,000


British financial app Revolut has launched in New Zealand.

Customers in the country can now use the app to access foreign currency exchange, peer-to-peer payments, bill splitting and the ability to send and spend in more than 200 currencies, Revolut said in a Monday (July 3) press release.

“Revolut is thrilled to be launching in New Zealand to revolutionize the way Kiwis manage their money, and our waitlist of over 26,000 locals is a clear demonstration that Kiwis feel the same,” Revolut Head of New Zealand Georgia Grange said in the release. “From digitizing the way they track their spending, to enhancing their global travel experience, Revolut will be the first of its kind for New Zealanders.”

The new users in New Zealand join the more than 30 million customers worldwide who use the Revolut app, according to the press release.

In addition to the payments features, Revolut also provides users with the ability to easily track their spend, receive assistance with budgeting and build their financial well-being, the release said.

“We are excited to not only empower Kiwis with greater financial well-being, control, convenience and transparency, but also increase consumer choice and drive competition across the financial services sector in New Zealand which has traditionally been underserved,” Revolut Australia and New Zealand CEO Matt Baxby said in the release.

It was reported in November 2022 that New Zealand was joining countries around the world in embracing open banking to increase competition and help consumers get better deals.

The country adopted a consumer data rights framework in 2021 that requires data holders such as banks to ensure New Zealanders can access a broader range of products and services that better suit their needs.

Revolut founder and CEO Nik Storonsky told Bloomberg in November 2022 that the company was looking into expanding into New Zealand, India and the Philippines and to boost its user count across Asia from 600,000 to at least 10 million by the end of 2025.

The financial platform has added more than 5 million users worldwide since November 2022 and passed the landmark of 30 million retail customers on June 1.